Australia: Superannuation, Funds Management and Financial Services - What's News - 3 June 2015

Last Updated: 8 June 2015
Article by Chris Lovell, Adeline Hiew and Paul Faure

Most Read Contributor in Australia, September 2016

In the media

Address to the 2015 Annual Stockbrokers Conference, Hilton Sydney by the Hon. Josh Frydenberg MP on "The Government's financial system reform priorities"
GOVERNMENT – 29 May 2015 – Speech by Josh Frydenberg. More...

Australia ranks seventh in retirement readiness
MEDIA – 28 May 2015 – Australia ranks seventh in the world for how well individuals are prepared for retirement, according to an Aegon survey released on Wednesday. More...

FSI panelist questions 'sole purpose' test
MEDIA – 28 May 2015 – Super funds will soon surpass their 'sole purpose' of funding retirement in order to provide healthcare, aged care and lending services to members, predicts a Financial System Inquiry (FSI) panellist. More...

FOFA among top 20 global regulatory nightmares
MEDIA – 28 May 2015 – The Future of Financial Advice (FOFA) reform is one of the 20 most challenging pieces of regulation globally, according to a survey of 600 compliance professionals across the world. More...

APRA has released a discussion paper on the publication of annual superannuation statistics
APRA – 28 May 2015 – The Australian Prudential Regulation Authority (APRA) today released a discussion paper on proposed changes to its annual superannuation statistical publications and confidentiality of superannuation data. More...

Report 435 Overview of decisions on relief applications (October 2014 to January 2015)
ASIC – 28 May 2015 – This report aims to improve the level of transparency and the quality of publicly available information about decisions ASIC makes when asked to exercise its discretionary powers to grant relief from provisions of the Corporations Act 2001 (Corporations Act), or National Consumer Credit Protection Act 2009 (National Credit Act). More...

MoneyGram fined by AUSTRAC
MEDIA – 27 May 2015 – The Australian Transaction Reports and Analysis Centre (AUSTRAC) has issued the largest fine in its history to remittance provider MoneyGram. This is the fourth infringement notice issued by AUSTRAC for contraventions of Australia's anti-money laundering and counter-terrorism financing (AML/CTF) laws. More...

SuperStream deadline nearing for employers
MEDIA – 27 May 2015 – Medium to large employers are being reminded their June 30 deadline to be SuperStream compliant is nearing. More...

Fight profit shifting, ACTU tells industry funds
MEDIA – 27 May 2015 – Union appointed industry super fund trustees should use their board influence to treat profit shifting by multi-national companies as a corporate governance issue and also promote infrastructure investment, delegates at the 2015 ACTU Congress were told yesterday. More...

ASIC updates guidance for externally administered companies and registered schemes being wound up
ASIC – 27 May 2015 – ASIC today released updated regulatory guidance for insolvent or financially distressed companies and registered schemes. ASIC's new instrument also provides exemption relief from financial reporting to insolvent registered managed investment schemes. More...

Government makes super a second term issue
MEDIA – 26 May 2015 – The Federal Treasurer, Joe Hockey, has reiterated the Government's resolve that there will be no changes to the superannuation settings during the life of the current Parliament. More...

ASIC gives planners 5 days to update register
MEDIA – 26 May 2015 – ASIC has given financial advisers five days to add details of their qualifications, training and professional memberships to its Financial Adviser Register (FAR), ASIC has indicated that failure to include an adviser or their appropriate details on the FAR will be a breach of obligations for Australian Financial Services Licensees and may attract penalties as would the provision on inaccurate or misleading advice. More...

Super Insurance Explained
ASFA – 25 May 2015 – This booklet includes an eight-step guide through the insurance claim process, handy tips and information on what a person can do if their claim isn't approved and they disagree with the decision (25 May 2015). More... More...

ASIC New Women's Money Toolkit
ASIC – 25 May 2015 – The Money Toolkit is a free online resource designed to help Australian women manage their finances, make money decisions at key life stages and enhance their financial wellbeing. More...

Bank bosses deny responsibility for financial planning mess
MEDIA – 22 May 2015 – At a recent conference, bank bosses scrambled to distance themselves from the financial planning scandals that have rocked their institutions. More...

New analysis indicates pension changes to hit middle Australia hardest
ISA – 21 May 2015 – New analysis of the federal government's proposed changes to the pension shows those on average incomes or below will suffer the heaviest impact to their retirement income, with many estimated to lose more than $100,000 over their entire retirement period. More...

SCT hits super fund with ECT penalty
MEDIA – 21 May 2015 – A superannuation fund has been made to pay half the excess contributions tax levied against a member because it was found to have contributed to the problem. More...

Australia's super pool now more than $2 trillion
MEDIA – 21 May 2015 – Australia's total superannuation assets grew by 3.6% in the first quarter of 2015, now standing at more than $2 trillion, official data shows. The latest Australian Prudential Regulation Authority (APRA) figures also show that total assets in MySuper products grew by 6.2% over the same period, now reported at more than $420 billion. More...

APRA levies up, again
MEDIA – 21 May 2015 – The superannuation sector is facing a rise in the money it contributes to the Financial Institutions Supervisory Levies, also known as the APRA levy. More...

ASIC releases first licensing activity report
ASIC – 20 May 2015 – ASIC today published its first report on its approach to licence applications to help inform businesses and individuals wanting to provide financial services or credit, or register as a liquidator or auditor. More...

Report 433 Overview of licensing and professional registration applications: July to December 2014
ASIC – 20 May 2015 – This report sets out recent regulatory outcomes achieved by ASIC in relation to Australian financial services (AFS) applications, Australian credit licence (credit licence) applications, liquidator registration applications, company auditor and approved SMSF auditor registration applications. More...

New Assent – Justice and Community Safety Legislation Amendment
MEDIA – 20 May 2015 – The Justice and Community Safety Legislation Amendment Act 2015 No. 11 (ACT) was assented to on 20 May 2015. The objective of the amending Act is to improve the operation of the principal Acts without amounting to a major change in policy. Specifically, the Act amends among other things, the Public Trustee Act 1985 No. 8 (ACT) by inserting into section 25A (Amounts etc paid by trustee for person under disability) a provision to allow the public trustee to manage, on behalf of the person, the funds or property that is invested in a superannuation fund.

Government finalises new SIV rules
MEDIA – 18 May 2015 – The government announced the final complying investment design for both the significant investment visa (SIV – at least $5 million) and premium investment visa (PIV – at least $15 million) programs on Friday. More...

Insurers lose out in proportionate liability case
MEDIA – 18 May 2015 – Litigants are even more likely to target defendants who carry insurance after the High Court last week narrowed the scope of proportionate liability claims. The Seligs sued in the Federal Court, citing breaches of the Corporations Act and Australian Securities and Investments Corporation Act, and the case was appealed to the Full Federal Court and finally the High Court. More...

ASIC: 15-092MR Update on Stronger Super regime
ASIC – 1 May 2015 – Current interim relief so that licensees do not have to provide a hard copy of the product dashboard with the periodic statement has been extended to 1 July 2016. The start date for certain disclosures required pursuant to sub-section 29QB(1) of the Superannuation Industry (Supervision) Act for standard employer-sponsored sub-plans has also been deferred until 1 July 2016. Note: As an additional matter, ASIC has also extended the interim relief in relation to long-term performance reporting in Class Order 10/630 to 31 December 2015. More...

Status Update

Tax and Superannuation Laws Amendment (Employee Share Schemes) Bill 2015
Status: Accepting Submissions/Date Referred: 13 May 2015
Submissions Close: 5 June 2015/Reporting Date: 16 June 2015.

Corporations Amendment (Financial Advice) Bill 2014
Status: Accepting Submissions/Date Referred: 5 March 2015
Reporting Date: 11 August 2015.

ASFA Submissions

Submission to APRA: Industry consultation on proposed metrics under the Regulator Performance Framework

Submission to ASIC: Industry consultation on proposed metrics under the Regulatory Performance Framework (22 May)

Submission to AUSTRAC: Industry consultation on proposed metrics under the Regulatory Performance Framework.

FOS reminder: Our process is changing
From 1 July 2015, our process for handling disputes will change. The new process will help FOS deliver fast, efficient, fair dispute resolution. More...

ASFA Conference 2015, 25-27 November, Brisbane
Amplify your brand at the largest pension event in the world. More...



Bills 28 May 2015

Superannuation Guarantee (Administration) Amendment Bill 2015

Tax Laws Amendment (Small Business Measures No. 1) Bill 2015

Tax Laws Amendment (Small Business Measures No. 2) Bill 2015

Bills 27 May 2015

Tax and Superannuation Laws Amendment (2015 Measures No. 3) Bill 2015

Tax and Superannuation Laws Amendment (2015 Measures No. 1) Bill 2015

Tax and Superannuation Laws Amendment (Medicare Levy and Medicare Levy Surcharge) Bill 2015

Crimes Legislation Amendment (Penalty Unit) Bill 2015

Acts of Parliament assented to
No. 53 of 2015 – Tax and Superannuation Laws Amendment (Norfolk Island Reforms) Act 2015 – An Act to amend the law relating to taxation and superannuation, and for related purposes. Assented to on 26 May 2015. More...

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